REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 15 (Reuters) - Toshiba's (6502.T) largest shareholder Effissimo Capital Management has decided to tender its 9.9% stake in the $14 billion takeover offer by Japan Industrial Partners (JIP), a source said on Friday, raising the odds of the bid succeeding.
The offer, which will end on Sept. 20, needs at least two-thirds of shareholders to tender their shares for it to succeed.
Other major shareholders, Elliott Management and Farallon Capital Management, both have their executives on Toshiba's board which has unanimously approved the JIP takeover.
Singapore-based fund 3D Investment Partners, previously Toshiba's second-largest shareholder, revealed in a filing in March that it had cut its stake to 4.90% from 7.20%.
Sources have said top activist shareholders were eager to exit, even though the offer price was unsatisfactory.
Persons:
Androniki, JIP, Effissimo, Elliott, Makiko Yamazaki, Kantaro Komiya, Neil Fullick
Organizations:
Toshiba Corporation, REUTERS, Rights, Effissimo Capital Management, Japan Industrial Partners, Toshiba, Elliott Management, Farallon Capital Management, Major Toshiba, Partners, Investment Partners, Westinghouse, Thomson
Locations:
Kawasaki, Japan, Singapore